Lcw1 Vocabulary
Contract A promise the law will enforce.
Judicial Restraint The court takes a passive role and enforces what is already written in the contract, no matter if one party benefits over the other party.
Judicial Activism The court takes an active interest in the contents of the contract and makes decisions based on what is "fair" and "right".
Four Elements of a Contract (1) Agreement- offer is made by one party and accepted by another party.(2) Consideration- bargaining
(3) Legality- has to be legal. (4) Capacity- all parties must be of legal, adult age and be sound of mind.
Issues Regarding Contracts (1) Consent- parties may not trick each other or use force. (2) Written Contract- some must be written.
Third Party Interests- affect other people or parties that are not included in the contract. (3) Performance and discharge- once parties fulfill their duties under the contract, those duties are discharged. (4) Remedies- a breach of contract may result in money being awarded to the injured party by the court.
Bilateral Contract A contract in which both parties make a promise.
Unilateral Contract One party makes a promise that the other party can only except by doing something
Express Contract Parties intend to contract and agree on explicit terms.
Implied Contract Parties do not formally agree, but words and conduct indicate intention to create a contract.
Executory Contract When one or more parties has not fulfilled its obligations.
Executed Contract When all parties have fulfilled their obligations.
Valid Contract Is one that satisfies all of the law's requirements.
Unenforceable Agreement Occurs when the parties intend to form a valid bar-gain but a court declares that some rule of law prevents enforcing it.
Voidable Contract Occurs when the law permits one party to terminate the agreement.
Void Agreement Is one that neither party can enforce, usually because the purpose of the deal is illegal or because one of the parties
Judicial Restraint The court takes a passive role and enforces what is already written in the contract, no matter if one party benefits over the other party.
Judicial Activism The court takes an active interest in the contents of the contract and makes decisions based on what is "fair" and "right".
Four Elements of a Contract (1) Agreement- offer is made by one party and accepted by another party.(2) Consideration- bargaining
(3) Legality- has to be legal. (4) Capacity- all parties must be of legal, adult age and be sound of mind.
Issues Regarding Contracts (1) Consent- parties may not trick each other or use force. (2) Written Contract- some must be written.
Third Party Interests- affect other people or parties that are not included in the contract. (3) Performance and discharge- once parties fulfill their duties under the contract, those duties are discharged. (4) Remedies- a breach of contract may result in money being awarded to the injured party by the court.
Bilateral Contract A contract in which both parties make a promise.
Unilateral Contract One party makes a promise that the other party can only except by doing something
Express Contract Parties intend to contract and agree on explicit terms.
Implied Contract Parties do not formally agree, but words and conduct indicate intention to create a contract.
Executory Contract When one or more parties has not fulfilled its obligations.
Executed Contract When all parties have fulfilled their obligations.
Valid Contract Is one that satisfies all of the law's requirements.
Unenforceable Agreement Occurs when the parties intend to form a valid bar-gain but a court declares that some rule of law prevents enforcing it.
Voidable Contract Occurs when the law permits one party to terminate the agreement.
Void Agreement Is one that neither party can enforce, usually because the purpose of the deal is illegal or because one of the parties